Spain, one of the most attractive destinations for tourism and real estate investment in Europe, is facing a serious housing crisis. To address this issue, the Spanish government has announced a plan to impose a 100% tax on properties purchased by citizens from outside the European Union (EU).
Spain is not only a country with a mild climate and beautiful beaches but also a vibrant real estate market that attracts many international investors. However, the situation of Spanish citizens being unable to afford housing is becoming increasingly severe. Prime Minister Pedro Sánchez stated that in 2023, around 27,000 homes were purchased by individuals from outside the EU, but most of them were not for living but for speculation and profit.
The increase in real estate transactions by foreigners, along with high domestic housing demand, has created a serious imbalance. The government hopes that imposing high taxes on properties owned by non-EU foreigners will free up additional housing supply for Spanish citizens.
It is known that over the past 10 years, housing prices in Spain have increased by 48%, while the income of the people has not kept pace with this increase. The Spanish government is striving to find ways to address this situation amid the development of the tourism industry and the increasing pressure from short-term rental properties on the housing market.
This is one of the government's major efforts not only to address the housing crisis but also to mitigate the growing wealth disparity in society.
Whether this plan can help Spain stabilize the housing market remains a big question, as the issue of housing shortages here is becoming increasingly serious.
